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Money laundering using tobacco export-import

Money laundering has become a common issue in guise of tobacco trade as the prices of tobacco export and imports are paid using illegal bills and commissions are also provided to foreign agents from the local organizations and basically this is a fresh invention of money laundering while the Anti-Corruption Commission (ACC) has already lodged a case over the issue, reads a report by Mizan Chowdhury- an ATMA member on the Daily Jugantor on July 22, 2015.

The report reads that around 10 crore pieces of cigarettes illegally traded and thus the government loses revenue worth over 243 crores. ACC has found that one of the leading Bidi companies – Nasir Bidi has long been involved into money laundering in guise of tobacco export and it has transferred around 500 crorers each year, reads the report.

Moreover, it has also been found that cigarette smuggling into the country is also another way to transfer money and the customs authority has held lots of smuggled cigarette consignments while it was revealed that the prices were paid using illegal bill named Hundi, according to the report.

The detail of the report is available on the following link:

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